Malaysia Looking to Wean Itself Off Dollar Dependency

Paxful’s Ray Youssef heads up Noones financial app startupNoones, a financial communication app launched in 2023, has officially appointed Ray Youssef as its CEO with a visionary goal of reaching a billion daily active Bitcoin users within the next seven years.Empowering Global South financial freedomThis announcement aligns with Noones’ mission to empower financial freedom in the Global South by streamlining the movement of money, liberating users from traditional banking constraints. Youssef believes that “Africa alone has the potential to make NoOnes a trillion dollar company but when you factor in the rest of the global south the sky’s the limit.”Founded on the belief that peer-to-peer systems constitute the world’s only true free market and that Bitcoin represents the new global financial architecture, Noones seeks to uplift individuals in Africa, Latin America and Southeast Asia.Startups in the digital assets space tend to be more international in nature than in any other sector. According to the firm’s LinkedIn, Noones is headquartered in Dubai. Notwithstanding that, many of its team appear to be Estonia-based while its website’s terms of service specify Panama as being the relevant jurisdiction, making for a truly international setup.Photo by Arpit Rastogi on UnsplashMoving on from Paxful turbulenceYoussef, the former CEO of peer-to-peer crypto platform Paxful and a seasoned expert in strategic planning, product innovation, growth hacking and operations management, brings his wealth of experience to lead Noones. Youssef’s tenure at Paxful, where he played a pivotal role in the company’s success, underscores his ability to drive transformative change in the fintech industry.However, Youssef’s departure from Paxful in April, amidst a legal dispute with Co-Founder Artur Shaback, marked a turning point. Paxful unexpectedly closed its operations amid a broader trend in the industry. Youssef attributed Paxful’s closure to the legal action initiated by Shaback, alleging a pursuit of significant financial gains. Shaback countered, stating that the dispute arose from differences in business direction and governance, accusing Youssef of migrating Paxful’s assets to his new venture, Noones.Promoting prosperity through bitcoinDespite the turbulence at Paxful, Youssef remains resolute in his commitment to leveraging Bitcoin for social good. While Noones, with its focus on decentralized financial opportunities, requires a Know-Your-Customer (KYC) onboarding process, Youssef continues to champion Bitcoin as a tool for poverty eradication and empowerment in the Global South.Noones, under Youssef’s leadership, aspires to simplify financial transactions and provide decentralized, borderless opportunities to its users. Youssef envisions Bitcoin playing a crucial role in promoting prosperity in the Global South, with Noones aiming to create an interoperable pan-African clearing layer. This initiative aims to elevate intra-African trade, bringing it to levels comparable to intra-European trade.In a statement, Youssef expressed his confidence in the transformative power of Bitcoin, stating:”For the past 8 years, I have fought for financial sovereignty for the Global South. Finally, I am glad to be able to fulfil the mission I began almost a decade ago. I’m confident that Bitcoin will play a crucial role in promoting the prosperity of our continent, and I’m thrilled and privileged to contribute to the company’s ambition and growth.”

Deputy Prime Minister and Minister for Finance Lawrence Wong is slated to unveil the Singapore 2024 Budget Statement on Feb. 16. As Singapore prepares for the unveiling of its 2024 Budget, the city-state’s Web3 community is amplifying its call for crucial government backing. That’s according to a recent report by The Straits Times. The plea from Singaporean firms revolves around two pivotal areas: one, nurturing a proficient talent pool well-versed in blockchain technology; and, in addition to that, having a strength and depth in cybersecurity, so as to fortify defenses against cyber threats.Photo by David Pardo Bernal on UnsplashUrgent need for Web3 talentSome time ago, stakeholders in Singapore set out their stall in terms of the ambition of firmly establishing the city-state as a global hub for Web3 development. It’s off to a good start with many notable crypto and Web3 companies having established themselves in Singapore. However, broadening that industry hub to the fullest extent will involve overcoming the significant hurdles hindering the growth trajectory of Singapore’s Web3 sector. Top of the list is the scarcity of skilled professionals in the blockchain domain. Danny Lim, a core contributor at MarginX, a decentralized exchange, stressed the pressing demand for seasoned developers. Lim underscored the necessity of supporting Web2 developers transitioning into Web3 realms, especially those grappling with job displacement, to solidify Singapore’s status as a nucleus for groundbreaking blockchain ventures. Elaine Zhu, the general manager of the Asian division of blockchain infrastructure firm Parity Technologies, emphasized the critical need for blockchain education, expressing apprehension over the dwindling influx of new developers. In citing a recent report by crypto-focused venture capital firm Electric Capital which quantified developer activity across Web3, Zhu noted that the number of experienced developers in Singapore remains healthy. However, the report found that the number of newly qualified developers dropped by 52 percent last year. Bolstering cyber defensesAdditionally, the industry is clamoring for fortified cyber defenses to shield against the escalating threat landscape targeting digital assets. This focus on security underscores the broader challenge of ensuring the secure proliferation of Web3 technologies and digital currencies within Singapore’s technological ecosystem. A report by Singapore-based blockchain security firm Beosin last year found that exit scams are a growing concern in the crypto-sphere. At the end of last month, the Singapore Police Force, alongside the Cyber Security Agency of Singapore (CSA), issued an advisory in order to raise awareness regarding crypto-centric cyber attacks. Ong Chengyi, representing Chainalysis, hailed Web3 as pivotal for long-term growth and advocated for sustained governmental support to enhance the sector’s capability in mitigating risks using advanced technological solutions. Ong remarked:“We hope to see more public-private collaboration to bolster Singapore’s defences against crypto crime and cyber threats more generally, through the utilization of data and technology.” Angela Ang of TRM Labs echoed that sentiment, emphasizing the imperative for heightened regulatory support to nurture the expansion of digital assets. Ang stated:“To deliver clarity to businesses at scale, whether it’s through licensing decisions or implementation guidance, the Government must invest in both human capital and technology throughout the regulatory process.” 

The Securities and Exchange Commission (SEC) of Thailand has initiated legal proceedings against Akarlap Yimwilai, the former director and CEO of Zipmex Thailand. Failure to disclose vital informationThe Commission set out its allegations against Yimwilai in a statement published to its website on Thursday. The allegations revolve around Yimwilai's purported failure to disclose vital information during his tenure, resulting in financial losses for Zipmex customers. According to the SEC's investigation, Yimwilai allegedly transferred cryptocurrency from Zipmex Thailand's wallets to overseas digital wallets without prior disclosure to customers.Photo by Olivier Darny on Pexels Unauthorized digital asset movementsThe SEC's findings indicate that customer assets held in Zipmex Thailand's Z Wallet were moved into overseas digital wallets before any official announcement regarding changes in terms and conditions. This conduct, the regulator asserts, contradicts the information provided by Zipmex Thailand, constituting fraudulent misrepresentation. Yimwilai served as CEO of Zipmex Thailand from August 2018 to November 2023, as per his LinkedIn profile. This deceptive action misled users regarding the security of their assets, the SEC claims, prompting the Commission to charge him with violating Section 82 of the Digital Asset Business Operation Act B.E. 2561. The SEC's accusations extend to Zipmex Thailand's submission of inaccurate reports on customer assets and violations of regulatory requirements. The regulator contends that the reports submitted by Zipmex Thailand were inconsistent with independently verified information. Inviting further legal actionIn response to these allegations, the SEC has forwarded charges against Yimwilai to the Office of the Public Prosecutor (OPP) for further legal proceedings. The SEC has also filed a formal complaint against Yimwilai with the Office of the Provincial Crime Suppression Division, indicating a pursuit of additional legal action. The determination or otherwise of legal liability will be a pivotal step in this process, emphasized by the SEC. Zipmex Thailand, a subsidiary of Singapore-based Zipmex under the leadership of Marcus Lim, obtained approval to operate from the Ministry of Finance and SEC in 2020. The company reportedly came under scrutiny from financial regulators over its acquisition by V Ventures in 2023.  V Ventures backed out of the $100 million buyout of the company last year, which would have included the return of customer deposits. It claimed that Zipmex had not lived up to the terms of the buyout contract.On Feb. 2, the Thai SEC directed Zipmex to temporarily suspend its digital asset trading and brokerage services, granting the firm a 15-day period to adhere to regulatory guidelines. Earlier reports had highlighted Zipmex's application for court protection amidst a wave of bankruptcies among crypto lenders. In November 2023, Zipmex proposed a restructuring plan to reimburse creditors at $0.30 on the dollar, encountering resistance from key stakeholders. The initial offer stood at three cents on the dollar, with the potential to increase to 30 cents in the event of optimized capital recovery.